Revolut has reached an agreement with the insurer Metlife to launch a payment protection insurance linked to its loans, the entity communicated this Wednesday.
The new product will initially debut in Romania, Spain, Portugal, and France, with plans to extend it later to other countries. The policy can be contracted directly from the neobank's app.
In this type of payment protection insurance, although the policyholder and the one paying the premium is the customer who is amortizing the credit, the final beneficiary is the lender, who is the one who receives the amount if the coverage is activated.
The insurer will offer this protection to both users who request a new loan and those who already have one in force. Later, the service will also be expanded to credit cards.
The basic option includes coverage in case of death, temporary or permanent disability, and hospitalization. The most comprehensive variant also adds protection against job loss.